Noah Smith: Economics Will Never Be the Same https://www.bloomberg.com/opinion/articles/2019-12-09/economics-will-never-be-the-same: 'The Shift to the Left: In the 1970s and 1980s, libertarian economists such as Milton Friedman commanded the limelight and dominated the policy conversation, while conservative supply-siders filled  Washington's think tanks. But in the 2010s... left-leaning economists became the public face of the discipline... Paul Krugman... Thomas Piketty... Emmanuel Saez and Gabriel Zucman... Economists for Inclusive Prosperity.... The Fight Against Sexism: The pervasive sexism in the economics profession has long been an open secret. But in the 2010s the problem began to get the attention it deserved.... Warming to Minimum Wage.... Research is also suggesting that concentrated corporate market power is a reason the real world doesn’t work like the simple theories in introductory textbooks.... Warning About Monopolies: As megamergers become more common, gigantic companies are taking over industry after industry. Economists are warning that this could be leading to low productivity growth, higher consumer prices and greater inequality.... Heresy on Trade.... A growing literature suggests that China’s entry into the World Trade Organization had dire consequences for a large swath of the American workforce.... The Diminished Clout of Economics: It’s a sad coincidence that just as economics is improving in so many ways, its public influence is on the wane. But the financial crisis and the devastating recession that followed discredited the discipline in the eyes of much of the public. Meanwhile, decades of rising inequality and stagnating mobility has made economists the targets of leftist ire and scorn just as the field has become substantially more progressive...


#noted #2019-12-26

Comments